Market Overview - In September, domestic stock market indices showed a comprehensive increase, with the ChiNext Index rising significantly by 12.04%, while the CSI 1000 had a smaller increase of 1.83%. Year-to-date, the ChiNext Index has performed strongly with a gain of 51.20%, compared to a weaker performance of the CSI 300 at 17.94% [1][4]. - In terms of market style, small-cap stocks outperformed large-cap stocks in September, and growth stocks outperformed value stocks. Year-to-date, the ChiNext Small Cap Index has increased by 28.12%, while the ChiNext Large Cap Index has only risen by 17.64%. The Guozheng Growth Index has shown a gain of 30.64%, while the Guozheng Value Index has only increased by 4.61% [1][5]. - The best-performing sectors in September were Power Equipment and New Energy (+18.64%), Nonferrous Metals (+12.44%), and Electronics (+10.28%). Conversely, the worst-performing sectors were Comprehensive Finance (-8.04%), Banking (-6.65%), and Defense and Military Industry (-6.62%) [1][10]. - In the bond market, the total wealth index for corporate bonds decreased by 0.04%, while the total wealth index for government bonds fell by 0.52%. Year-to-date, corporate bonds have performed better with a gain of 1.46%, compared to a loss of 0.42% for government bonds [1][5]. - In the commodity market, major domestic commodity indices showed mixed results in September, with the Nanhua Gold Index rising by 11.05% and the Nanhua Agricultural Products Index declining by 2.79%. Year-to-date, the Nanhua Gold Index has increased by 39.76%, while the Nanhua Energy and Chemical Index has decreased by 10.57% [1][5]. - In overseas markets, major stock indices showed mixed results in September, with the Hang Seng Technology Index rising by 13.95% and the German DAX Index declining by 0.09%. Year-to-date, the Hang Seng Technology Index has performed well with a gain of 44.71%, while the French CAC40 Index has shown a decline of 6.98% [1][7]. ETF Strategy Performance - As of September 30, 2025, the Style Rotation Portfolio has shown outstanding cumulative returns since inception at 118.04%, surpassing its benchmark by 76.98%. The 80/20 Rotation Portfolio has also performed well with a cumulative return of 56.82%, exceeding its benchmark by 16.30% [2][11]. - The Valuation Selection ETF has demonstrated strong performance this year with a cumulative return of 44.33%, exceeding its benchmark by 39.72%. The Global Allocation Portfolio has achieved a cumulative return of 23.66% this year, surpassing its benchmark by 10.01% [2][11]. - The Dynamic Duration Strategy has shown a cumulative return of 19.41% since inception, exceeding its benchmark by 4.01%. The Asset Rotation Strategy has performed well this year with a cumulative return of 25.44%, surpassing its benchmark by 19.87%. The Asset Rotation Strategy 2.0 has also shown a cumulative return of 23.21% this year, exceeding its benchmark by 17.64% [2][11].

Market Overview - In August, domestic stock market indices showed a comprehensive increase, with the Sci-Tech 50 index rising significantly by 28.00%, while the CSI 300 index had a smaller increase of 10.33%. Year-to-date, the Sci-Tech 50 has performed strongly with a rise of 35.63%, compared to the CSI 300's 14.28% [1][5]. - In terms of market style, small-cap stocks outperformed large-cap stocks in August, and growth stocks outperformed value stocks. Year-to-date, the ChiNext index rose by 34.95%, while the CSI 500 index increased by 23.02% [1][5]. - The best-performing sectors in August were communication (+33.78%), electronics (+23.84%), and non-ferrous metals (+19.67%), while the worst-performing sectors were banking (-1.67%), coal (0.57%), and construction (0.77%) [1][5]. - The bond market saw the total wealth index of corporate bonds increase by 0.03%, while the total wealth index of government bonds decreased by 0.55%. Year-to-date, corporate bonds have outperformed government bonds with a rise of 1.50% compared to 0.10% for government bonds [1][5]. - In the commodity market, major domestic commodity indices showed mixed results, with the Nanhua Gold Index increasing by 1.93% and the Nanhua Energy Chemical Index decreasing by 3.53%. Year-to-date, the Nanhua Gold Index has risen by 25.85%, while the Nanhua Energy Chemical Index has fallen by 8.73% [1][5]. ETF Strategy Performance - The report highlights that ETFs have become a focal point for investors, with various strategies being employed for asset allocation. The selected ETF strategies cover style rotation, quantitative selection, global allocation, bond allocation, and major asset allocation, forming four main strategy categories and seven ETF combinations [2]. - As of August 31, 2025, the style rotation strategy has shown outstanding cumulative returns of 110.25%, surpassing its benchmark by 72.38%. The 80/20 rotation strategy has also performed well with a cumulative return of 53.04%, exceeding its benchmark by 14.86% [2]. - The valuation-selected ETF strategy has achieved a cumulative return of 27.82% year-to-date, outperforming its benchmark by 21.02%. The global allocation strategy has shown a cumulative return of 19.79% over the past three years, exceeding its benchmark by 9.86% [2]. - The dynamic duration strategy has yielded a cumulative return of 19.38% since inception, surpassing its benchmark by 3.99%. The asset rotation strategy has achieved a year-to-date return of 17.05%, exceeding its benchmark by 13.04% [2]. - The asset rotation strategy 2.0 has shown a cumulative return of 14.83% over the past three years, outperforming its benchmark by 10.82% [2].